There was a long post by URR (Ultima Ratio Regum) developer about Cult, a kickstarter RL project that now possibly has failed, because the developer can't create the game he was talking about.
What I find amazing is not why projects like Cult fails, but the way people are willing to support almost anything. In other words, let me phrase this carefully: people are idiots.
Well, there is nothing new in this, because people also buy poor commercial games. However they at least get something in return, an actual game.
Not just average developers try their luck with Kickstarter, but also old and young professional developers. One of the worst examples is Richard Garriott, one of my childhood heroes. He had the money to continue Ultima series when he wanted, but only when Kickstarter made it possible to ask money he did so.
Also, I want to correct something Darren Grey said about Kaduria in a comment. He included Kaduria to the list of big, over-scoped projects as he said. He is wrong. Kaduria was never an over-scoped project like, let's say, URR. The development time has been long for other reasons and rather than following the usual development history of a failed project it has followed a different path.